CANONSBURG (dpa-AFX) - Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) said it will launch an authorized generic of Zovirax ointment today, after Mylan Inc. (MYL) received approval for generic Zovirax ointment yesterday.
'While the timing of a generic approval was always uncertain, this was not unforeseen and we were prepared for its eventuality,' stated Michael Pearson.
Valeant said that its business model is based on diversification which allows its to better balance sudden events such as this. Valeant expects this isolated event could impact its Cash earnings per share by $0.30 to $0.40 in 2013, as it did not include this event in its original budget expectations.
'But there are other actions, such as several product acquisitions, the repricing of our term loan debt and continued operational performance that have occurred since we provided financial guidance in January, and we believe that these activities will mitigate the impact of the genericization of Zovirax ointment. We continue to expect once again to deliver outstanding performance in 2013,' said Michael Pearson.
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